Edgar Filing: CBS CORP

Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549-1004

FORM 11-K

(Mark One)



x	Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934



	For the fiscal year ended December 31, 2016 Commission file number 001-09553



o	Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934

CBS 401(k) PLAN

(Full title of the plan)

CBS CORPORATION

(Name of issuer of the securities held pursuant to the plan)

51 West 52^nd Street

New York, New York 10019

(Address of principal executive office)

CBS 401(k) PLAN

FINANCIAL STATEMENTS, SUPPLEMENTAL SCHEDULES AND EXHIBITS

DECEMBER 31, 2016 AND 2015

INDEX



		Pages
Report of Independent Registered Public Accounting Firm		1

Financial Statements:
	Statements of Net Assets Available for Benefits at December 31, 2016 and 2015	2

	Statement of Changes in Net Assets Available for Benefits for the Year ended December 31, 2016	3

	Notes to Financial Statements	4

		Schedules
Supplemental Schedules:
	Schedule H, line 4a - Schedule of Delinquent Participant Contributions	S - 1

	Schedule H, line 4i - Schedule of Assets (Held at End of Year)	S - 2

All other schedules required by the Department of Labor's Rules and Regulations for Reporting and
	Disclosure under the Employee Retirement Income Security Act of 1974 are omitted as not
	applicable or not required.

Signature		S - 33

Exhibit:
	23.1 Consent of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

To the Administrator of the CBS 401(k) Plan

In our opinion, the accompanying statements of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the CBS 401(k) Plan (the “Plan”) as of December 31, 2016 and December 31, 2015, and the changes in net assets available for benefits for the year ended December 31, 2016 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

The supplemental Schedule of Delinquent Participant Contributions for the year ended December 31, 2016 and the Schedule of Assets (Held at End of Year) at December 31, 2016 have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedules are the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedules reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the Schedule of Delinquent Participant Contributions and the Schedule of Assets (Held at End of Year) are fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ PRICEWATERHOUSECOOPERS LLP

PricewaterhouseCoopers LLP

New York, New York

June 27, 2017

CBS 401(k) PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

(In thousands)



	At December 31,
	2016		2015
Assets
Investments, at fair value	$	3,092,439	$	2,754,115
Synthetic guaranteed investment contracts, at contract value	1,210,310		1,316,222
Receivables:
Notes receivable from participants	34,384		34,375
Employee contributions	1,047		1,003
Employer contributions	2,670		3,243
Interest and dividends	3,132		3,277
Due from broker for securities sold (Note 1)	50,381		50
Total assets	4,394,363		4,112,285
Liabilities
Accrued expenses	1,540		1,673
Due to broker for securities purchased	28		335
Total liabilities	1,568		2,008
Net assets available for benefits	$	4,392,795	$	4,110,277

The accompanying notes are an integral part of these financial statements.

CBS 401(k) PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

(In thousands)



	Year Ended
	December 31, 2016
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of investments	$	364,578
Interest	35,170
Dividends	13,101
Interest income on notes receivable from participants	1,459
Contributions:
Employee	119,680
Employer	40,599
Rollover	14,244
Total additions	588,831
Deductions from net assets attributed to:
Benefits paid to participants	(300,105		)
Plan expenses	(6,208		)
Total deductions	(306,313		)
Net increase	282,518
Net assets available for benefits, beginning of year	4,110,277
Net assets available for benefits, end of year	$	4,392,795

The accompanying notes are an integral part of these financial statements.

CBS 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

(Tabular dollars in thousands)

NOTE 1 - PLAN DESCRIPTION

The following is a brief description of the CBS 401(k) Plan (the “Plan”) and is provided for general information only. Participants should refer to the Plan document, as amended, for more complete information regarding the Plan.

The Plan, sponsored by CBS Corporation (the “Company” or “CBS Corp.”), is a defined contribution plan offered on a voluntary basis to eligible employees of the Company and each of its subsidiaries that is included for participation.

Eligible full-time newly hired employees may enroll in the Plan immediately or are automatically enrolled following 60 days after hire or rehire and attainment of age 21, unless they elect not to participate. Part-time employees are automatically enrolled in the Plan on the first day of the month following the attainment of age 21 and completion of 1,000 hours of service within a consecutive twelve-month period, unless they already voluntarily enrolled upon meeting the age and service requirements or have elected not to participate. The Plan is subject to the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), and the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and is overseen by a retirement committee designated as the “Administrator” of the Plan as defined under ERISA (the “Plan Administrator”) by the Company’s Board of Directors (the “Board”).

Exempt Party-in-Interest Transactions

The Bank of New York Mellon (the “Trustee”) is the trustee and custodian and Mercer HR Services, LLC is the recordkeeper of the Plan. Certain Plan investments are shares of funds and bonds managed by the Trustee or companies affiliated with the Trustee, or shares and bonds of a company affiliated with CBS Corp., and therefore qualify as party-in-interest transactions. The fair value of these investments was $356 million at December 31, 2016 and $267 million at December 31, 2015 and these investments appreciated by $6 million for the year ended December 31, 2016. In addition, certain Plan investments are shares of CBS Corp. Class A Common Stock and Class B Common Stock (together, “CBS Corp. Common Stock”) and therefore qualify as party-in-interest transactions. The fair value of these investments was $508 million at December 31, 2016 and $420 million at December 31, 2015. For the year ended December 31, 2016, these investments appreciated by $139 million and earned dividends of $5 million. During the year ended December 31, 2016, the Plan sold $48 million of CBS Corp. Common Stock.

Participant Accounts

Each Plan participant’s account is credited with the participant’s contributions, the employer matching contributions, if applicable, and the participant’s share of the interest, dividends, and any realized or unrealized gains or losses of the Plan’s assets, net of certain Plan expenses.

Participants have the option of investing their contributions or existing account balances among various investment options. These investment options include common collective funds, registered investment companies (mutual funds), separately managed accounts, which primarily invest in common stocks, a fixed income fund and the CBS Corp. Class B Common Stock fund.

Within the Plan, the CBS Corp. Class A Common Stock fund and Class B Common Stock fund are part of an Employee Stock Ownership Plan (“ESOP”). As a result, the Plan offers an ESOP dividend election under which Plan participants can elect to reinvest any ESOP dividends paid on vested shares back into the ESOP account in CBS Corp. Class B Common Stock or, for the CBS Corp. Class B Common Stock fund only, to receive the

CBS 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS (Continued)

(Tabular dollars in thousands)

dividends as a cash payout. If a participant does not make an election, the dividends are reinvested in the ESOP account in CBS Corp. Class B Common Stock.

Participants may also elect to open a self-directed brokerage account (“SDA”). Participants may not contribute directly to the SDA, but may transfer balances to the SDA from other investment funds except the fixed income fund. A participant may transfer up to 25% of his or her account balance (net of loans) to the SDA. The initial transfer to the SDA may not be less than $2,500 and there is no minimum for subsequent individual transfers.

Contributions

The Plan permits participants to contribute up to 50% of eligible annual compensation on a traditional before-tax, Roth 401(k) after-tax or combination basis or 15% of eligible annual compensation on a traditional after-tax basis, subject to the Code limitations set forth below. Total combined contributions may not exceed 50% of eligible annual compensation. Roth 401(k) contributions and the related earnings can be withdrawn tax-free if certain requirements are met. The level of employer matching contributions is entirely at the discretion of the Board and is determined annually for all participants in the Plan. For 2016, the Board set the employer’s matching contribution at 60% of the first 5% of eligible compensation contributed on a before-tax or Roth 401(k) basis.

Participants may elect to invest their matching contributions in any investment option, including the CBS Corp. Class B Common Stock fund. If no option is elected by the participant, the matching contribution is invested in the Plan's Qualified Default Investment Alternative (QDIA), a common collective fund that is primarily invested in a mix of equities and bonds appropriate for the participant's target retirement year, which is assumed to be at age 65.

Upon date of hire and, effective with the 60^th day following the date upon which an employee becomes eligible to participate in the Plan, newly hired employees are deemed to have authorized the Company to make before-tax contributions to the Plan in an amount equal to 5% of the employee’s eligible compensation. However, a deemed authorization does not take effect if, during the 60-day period, the employee elects not to participate in the Plan or to participate at a different contribution rate.

The Code limits the amount of annual participant contributions that can be made on a before-tax or Roth 401(k) basis to $18,000 for 2016. Total compensation considered under the Plan, based on Code limits, could not exceed $265,000 for 2016. The Code also limits annual aggregate participant and employer contributions to the lesser of $53,000 or 100% of compensation in 2016. All contributions made to the Plan on an annual basis may be further limited due to certain nondiscrimination requirements prescribed by the Code.

All participants who have attained age 50 before the close of the Plan year (calendar year) are eligible to make catch-up contributions. These contributions are not treated as matchable contributions. Catch-up contributions can be made if the eligible participant makes the maximum $18,000 contribution permitted under the Plan for a plan year. The limit for catch-up contributions is $6,000 in 2016.

Vesting

Participants in the Plan are immediately vested in their own contributions and earnings thereon. Employer matching contributions vest at 20% per year of service, becoming fully vested after five years of service. If a participant's employment terminates prior to being vested in their employer matching contributions, the non-vested portion of their account is forfeited and may be used to reduce future employer matching contributions and to pay administrative expenses. Forfeitures are recorded at the time vested benefits are distributed or as of the close of the fifth consecutive year of break in service if no distribution was elected. During 2016, the Company utilized forfeitures of $565,000 to reduce matching contributions and approximately $668,000 to pay administrative

CBS 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS (Continued)

(Tabular dollars in thousands)

expenses. As of December 31, 2016 and 2015, the Company had forfeitures of approximately $4,499,000 and $1,192,000, respectively, available to be used as noted above.

Notes Receivable from Participants

Eligible participants may request a loan for up to the lesser of 50% of the participant’s vested account balance or $50,000, reduced by the highest outstanding balance of any Plan loan made to the participant during the twelve-month period ending on the day before the loan is made. The minimum loan available to a participant is $500. The interest rate on participant loans is one percentage point above the annual prime commercial rate (as published in The Wall Street Journal) on the first day of the calendar month in which the loan is approved. Principal and interest is payable through payroll deductions. Only one loan may be outstanding at any time. Participants may elect repayment periods from 12 to 60 months commencing as soon as administratively possible following the distribution of the loan proceeds to the participant. The Plan allows participants to elect a repayment term of up to 300 months for loans used for the acquisition of a principal residence. Repayments of loan principal and interest are allocated in accordance with the participant’s current investment elections.

Loans outstanding at December 31, 2016 carry interest rates ranging from 4.25% to 10%.

Due from Broker for Securities Sold

Effective January 1, 2017, in connection with the Company's planned disposition of CBS Radio Inc. (“CBS Radio”), the Company's radio business, the Company established the CBS Radio 401(k) Plan (see Note 8). The increase to “Due from broker for securities sold” at December 31, 2016 reflects security trades that were initiated, but not yet settled on December 31, 2016, to enable the Plan to transfer the accounts of CBS Radio employees from the Plan to the CBS Radio 401(k) Plan in January 2017.

Distributions and Withdrawals

Earnings on employee contributions (other than after-tax contributions) and employer contributions are not subject to income tax until they are distributed or withdrawn from the Plan.

Participants in the Plan, or their beneficiaries, may receive their vested account balances in a lump sum, in installments over a period of up to 20 years, or in partial distributions of the account balance in the event of retirement, termination of employment, disability or death. For vested account balances invested in the CBS Corp. Class A Common Stock fund and Class B Common Stock fund, participants may elect to receive distributions in cash or whole shares. In general, participants must receive a required minimum distribution upon attainment of age 70 1/2 unless they are still employed.

Participants in the Plan may withdraw part or all of their after-tax and rollover contributions and the vested portion of employer matching contributions. Upon attainment of age 59 1/2, participants may also withdraw all or part of their before-tax or Roth 401(k) contributions and earnings thereon. The Plan limits participants to two of the above withdrawal elections in each Plan year.

A participant may obtain a financial hardship withdrawal of the vested portion of employer matching contributions and employee before-tax or Roth 401(k) contributions provided that the requirements for hardship are met and only to the extent required to relieve such financial hardship. There is no restriction on the number of hardship withdrawals permitted.

When a participant terminates employment with the Company, the full value of employee contributions and earnings thereon plus the value of all vested employer matching contributions and earnings thereon are eligible for distribution and can be rolled over to a tax qualified retirement plan or an Individual Retirement Account (“IRA”)

CBS 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS (Continued)

(Tabular dollars in thousands)

or remain in the Plan rather than being distributed. If the vested account balance is $1,000 or less and the participant does not make an election to rollover the vested account balance, it will be automatically paid in a single lump sum cash payment, and taxes will be withheld from the distribution.

Plan Expenses

The fees for investment of Plan assets are charged to the Plan’s investment funds. Certain administrative expenses such as fees for accounting, investment consulting and employee communications may be paid by the Plan using forfeitures or may be paid by the Company. Recordkeeping and trustee fees are paid from participant accounts. For 2016, approximately $387,000 was paid to the Trustee, a party-in-interest, and its affiliates for services provided during the year.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

In accordance with Financial Accounting Standards Board (“FASB”) guidance, contract value was determined to be the relevant measurement for the portion of net assets available for benefits attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis with respect to the fully benefit-responsive investment contracts.

Investment Valuation

Short-term money market investments are carried at amortized cost which approximates fair value due to the short-term maturity of these investments. Investments in common stock are reported at fair value based on quoted market prices on national security exchanges. Investments in registered investment companies are reported at fair value based on quoted market prices in active markets. The fair value of investments in separately managed accounts is determined by the Trustee based upon the fair value of the underlying securities. The fair values of investments in common collective funds are determined using the net asset value per share (“NAV”) provided by the administrator of the fund. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by the number of outstanding units. The common collective funds have daily redemptions and one day trading terms. The common collective funds have no unfunded commitments at December 31, 2016. The fair value of fixed income, asset-backed and mortgage-backed securities is determined by independent pricing sources based on quoted market prices, when available, or using valuation models which incorporate certain other observable inputs including recent trading activity for comparable securities and broker quoted prices. Cash and cash equivalents are valued at cost plus accrued interest, which approximates fair value.

As part of their investment strategy, the managers of the fixed income fund, which invests in synthetic guaranteed investment contracts, may use derivative financial instruments for various purposes, including managing exposure to sector risk or movements in interest rates, extending the duration of the life of the investment portfolio and as a substitute for cash securities. The derivative instruments typically used are interest rate futures and swaps. Interest rate swaps are recorded at fair value and marked-to-market through the duration of the contract term with an offsetting increase to unrealized appreciation (depreciation). Futures are marked-to-market and settled daily. The daily receipt or payment is recognized as unrealized appreciation (depreciation) until the contract is closed at which time the total fair value of the futures contract is recognized as a realized gain (loss).

CBS 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS (Continued)

(Tabular dollars in thousands)

The Plan invests in fully benefit-responsive synthetic guaranteed investment contracts through a fixed income fund. The contract value of these contracts represents the aggregate amount of deposits thereto, plus interest at the contract rate, less withdrawals.

Security Transactions and Income Recognition

Purchases and sales of securities are recorded on the trade date. The average cost basis is used to determine gains or losses on security dispositions. Interest income is accrued as earned and dividend income is recorded on the ex-dividend date.

Net appreciation or depreciation in the fair value of investments, included in the Statement of Changes in Net Assets Available for Benefits, consists of the realized gains and losses and the unrealized appreciation and depreciation on those investments presented at fair value.

Notes Receivable from Participants

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are reclassified as distributions based upon the terms of the Plan document.

Payment of Benefits

Benefit payments are recorded when paid.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Plan to make estimates and assumptions, such as those regarding the fair value of investments, that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of changes in net assets available for benefits during the reporting period. Actual results could differ from those estimates.

Recent Pronouncements

Employee Benefit Plan Master Trust Reporting

In February 2017, the FASB issued guidance on the reporting requirements for employee benefit plans that hold an interest in a master trust. Under this guidance, an employee benefit plan that has an interest in a master trust will be required to present that interest and any change in the value of that interest in separate line items on the statement of net assets available for benefits and on the statement of changes in net assets available for benefits, respectively. Employee benefit plans will also have to disclose the other assets and liabilities of the master trust, as well as the dollar amount of its interest in these balances, and the dollar amount of its interest in the investments of the master trust by general type. This guidance, which is effective for annual reporting periods beginning after December 15, 2018, with early adoption permitted, is not expected to have an impact on the Plan’s financial statements as the Plan does not have an interest in a master trust.

NOTE 3 - RISKS AND UNCERTAINTIES

The Plan provides for various investment options. Investment securities are exposed to various risks such as interest rate, market and credit risk. Market values of investments could decline for several reasons including changes in prevailing market and interest rates, increases in defaults, and credit rating downgrades. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of such securities, it is at least reasonably possible that changes in investment values in the near term could materially

CBS 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS (Continued)

(Tabular dollars in thousands)

affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the related Statement of Changes in Net Assets Available for Benefits.

NOTE 4 - INVESTMENTS AT CONTRACT VALUE

The Plan invests in synthetic guaranteed investment contracts, which provide for the repayment of principal plus a specified rate of interest through benefit-responsive wrapper contracts. A wrapper contract is issued by a third party insurance company, financial institution or bank, and is held in combination with fixed income securities to form a synthetic guaranteed investment contract. The interest crediting rate on synthetic guaranteed investment contracts reflects the yield of the associated fixed income investments, plus the amortization of realized and unrealized gains and losses on those investments, typically over the duration of the investments. Interest crediting rates are reset on a monthly or quarterly basis, and the wrapper contracts provide that adjustments to the interest crediting rate cannot result in a future interest crediting rate that is less than zero. Certain factors can influence the future interest crediting rates including, the level of market interest rates, the amount and timing of participant contributions and withdrawals, and the returns generated by the fixed income investments that are associated with the synthetic guaranteed investment contract.

In certain circumstances, the amounts withdrawn from the investment contracts will be paid at fair value rather than contract value due to employer initiated events. These events include, but are not limited to, Plan termination, a material adverse change to the provisions of the Plan, an employer election to withdraw from the contract to switch to a different investment provider, an employer’s bankruptcy, full or partial termination of the Plan, layoffs, plant closings, corporate spin-offs, mergers, divestitures or other workforce restructurings, or if the terms of a successor plan do not meet the contract issuer’s underwriting criteria for issuance of a replacement contract with identical terms. No employer initiated events have occurred or are expected to occur that would cause premature liquidation of a contract at fair value.

The contract issuer is permitted to terminate the fully benefit-responsive investment contracts with the Plan and settle at an amount different from contract value in certain events, including loss of the Plan’s qualified status, an uncured material breach of responsibility, or material adverse changes to the provisions of the Plan.

At December 31, 2016 and 2015, the contract value of the Plan's synthetic guaranteed investment contracts was $1.21 billion and $1.32 billion, respectively.

NOTE 5 - FAIR VALUE MEASUREMENTS

The following tables set forth the Plan’s financial assets measured at fair value on a recurring basis at December 31, 2016 and 2015. See Note 2 for the valuation methodology used to measure the fair value of these investments. There have been no changes to the methodologies used to measure the fair value of each asset from December 31, 2015 to December 31, 2016. These assets have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in Level 1, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs reflecting the Plan’s own assumptions about the assumptions that market participants would use in pricing the asset. The asset’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

CBS 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS (Continued)

(Tabular dollars in thousands)



At December 31, 2016	Level 1		Level 2		Level 3		Total
Money market funds ^(a)	$	—	$	99,025	$	—	$	99,025
Self-directed accounts ^(b)	29,964		4,154		—		34,118
Separately managed accounts:
Wellington Growth Portfolio ^(c)	139,453		678		—		140,131
Dodge & Cox Value Equity Fund ^(c)	141,760		9,202		—		150,962
CBS Corp. Common Stock	507,948		—		—		507,948
Registered investment companies ^(d)	219,542		—		—		219,542
Total assets in fair value hierarchy	$	1,038,667	$	113,059	$	—	$	1,151,726
Common collective funds measured at net asset value							1,940,713
Investments, at fair value							$	3,092,439



At December 31, 2015	Level 1		Level 2		Level 3		Total
Money market funds ^(a)	$	—	$	29,890	$	—	$	29,890
Self-directed accounts ^(b)	28,386		4,346		—		32,732
Separately managed accounts:
Wellington Growth Portfolio ^(c)	186,733		798		—		187,531
Dodge & Cox Value Equity Fund ^(c)	143,539		3,275		—		146,814
CBS Corp. Common Stock	420,355		—		—		420,355
Registered investment companies ^(d)	169,361		—		—		169,361
Total assets in fair value hierarchy	$	948,374	$	38,309	$	—	$	986,683
Common collective funds measured at net asset value							1,767,432
Investments, at fair value							$	2,754,115


(a)	Primarily invested in U.S. government securities and U.S. government agency securities.


(b)	Primarily invested in common stock and registered investment companies. Assets categorized as Level 2 reflect investments in money market funds.


(c)	Primarily invested in large capitalization equities. Assets categorized as Level 2 reflect investments in money market funds.


(d)	Primarily invested in small capitalization equities.

NOTE 6 - INCOME TAX STATUS

The Internal Revenue Service (“IRS”) issued a favorable determination letter dated January 13, 2015, indicating that the Plan document satisfied the requirements of Section 401(a) of the Code and that the trust thereunder is exempt from federal income taxes under the provisions of Section 501(a) of the Code. The Plan Administrator believes that the Plan is designed and is currently being operated in compliance with the applicable provisions of the Code. In addition, the Plan Administrator has concluded that as of December 31, 2016, there are no uncertain tax positions taken or expected to be taken that require recognition of an asset or liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions. The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2012.

NOTE 7 - TERMINATION PRIORITIES

Although the Company anticipates that the Plan will continue indefinitely, it reserves the right, by action of its Board, to amend or terminate the Plan provided that such action does not retroactively reduce earned participant benefits. In the event of termination of the Plan, participants become fully vested. Upon termination, the Plan provides that the net assets of the Plan would be distributed to participants based on their respective account balances.

CBS 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS (Continued)

(Tabular dollars in thousands)

NOTE 8 - SUBSEQUENT EVENT

Effective January 1, 2017, in connection with the Company's planned disposition of CBS Radio, the Company established the CBS Radio 401(k) Plan. In January 2017, net assets of approximately $539 million attributable to CBS Radio participants in the CBS 401(k) Plan were transferred to the CBS Radio 401(k) Plan. These participants' accounts were invested into funds in the CBS Radio 401(k) Plan that are similar in nature to the CBS 401(k) Plans funds.

NOTE 9 - RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:



	At December 31,
	2016			2015
Net assets available for benefits per the financial statements	$	4,392,795		$	4,110,277
Amounts allocated to withdrawing participants	(414		)	(387		)
Adjustment from contract value to fair value for fully benefit-responsive investment contracts	24,974			36,923
Net assets available for benefits per the Form 5500	$	4,417,355		$	4,146,813

The following is a reconciliation of the net increase in net assets available for benefits as reflected in the financial statements to the Form 5500:



	Year Ended December 31, 2016
Net increase in net assets available for benefits per the financial statements	$	282,518
Less: Amounts allocated to withdrawing participants at December 31, 2016	(414		)
Add: Amounts allocated to withdrawing participants at December 31, 2015	387
Add: Adjustment from contract value to fair value for fully benefit-responsive investment contracts at December 31, 2016	24,974
Less: Adjustment from contract value to fair value for fully benefit-responsive investment contracts at December 31, 2015	(36,923		)
Net increase in net assets available for benefits per the Form 5500	$	270,542

Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31, 2016, but were not paid as of that date.

SCHEDULE H, line 4a

CBS 401(k) PLAN

SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS

For the year ended December 31, 2016

(Dollars in thousands)



Participant Contributions Transferred late to Plan		Total That Constitute Nonexempt Prohibited Transactions						Total Fully Corrected Under Voluntary
Check Here If Late Participant Loan								Fiduciary Correction Program (VFCP) and
Repayments Are Included x		Contributions Not Corrected		Contributions Corrected Outside VFCP		Contributions Pending Correction in VFCP		Prohibited Transaction Exemption 2002-51

$	—	$	—	$	106	$	—	$	—

S - 1

SCHEDULE H, line 4i

CBS 401(k) PLAN

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2016

(Dollars in thousands)



	Identity of issue, borrower, lessor or similar party	Maturity and Interest Rates	Cost⁽⁶⁾	Current Value
	Self-Directed Accounts⁽¹⁾			$	34,118

	Corporate Common Stock
*	CBS Corporation Class A Common Stock			916
*	CBS Corporation Class B Common Stock			507,032
	Total Corporate Common Stock			507,948

	Mutual Funds
	DFA U.S. Small Cap Fund			142,282
	Vanguard Total International Stock Index Fund			77,260
*	Dreyfus Government Cash Management Fund			99,025
	Total Mutual Funds			318,567

	Common Collective Funds
	BlackRock S&P 500 Index Fund			745,199
*	BNY Mellon Aggregate Bond Index Fund			217,492
	BlackRock Extended Equity Market Fund			153,136
	BlackRock LifePath 2040 Fund			136,924
	BlackRock LifePath 2050 Fund			130,019
	BlackRock LifePath 2020 Fund			115,704
	BlackRock LifePath 2045 Fund			91,482
	Invesco International Growth Fund			87,249
	BlackRock LifePath Retirement Fund			63,974
	BlackRock LifePath 2035 Fund			56,953
	BlackRock LifePath 2030 Fund			56,357
	BlackRock LifePath 2025 Fund			52,484
	BlackRock LifePath 2055 Fund			33,740
	Total Common Collective Funds			1,940,713

	Separately Managed Accounts ⁽²⁾
⁽³⁾	Wellington Growth Portfolio			140,131
⁽³⁾	Dodge & Cox Value Equity Fund			150,962
	Total Separately Managed Accounts			291,093

	Synthetic Guaranteed Investment Contracts^{(4) (5)}
	Transamerica Premier Life Insurance Company MDA01263TR	evergreen and variable %		438,222
	Prudential Insurance Company of America GA-62413	evergreen and variable %		310,434
	The Bank of Tokyo-Mitsubishi UFJ, Ltd. GS-CBSEG14-2	evergreen and variable %		275,105
	State Street Bank and Trust Company No. 108002	evergreen and variable %		119,684
	The Bank of Tokyo-Mitsubishi UFJ, Ltd. GS-CBSMM14-1	evergreen and variable %		91,839
	Total Synthetic Guaranteed Investment Contracts			1,235,284

*	Notes receivable from participants	Maturity dates through 2041 and interest rates ranging from 4.25% to 10.00%		34,384

	Total investments, at fair value and notes receivable from participants			$	4,362,107

*	Identified as a party-in-interest to the Plan.
(1)	Includes $1 million of investments identified as party-in-interest transactions to the Plan.
(2)	Includes $14 million of investments identified as party-in-interest transactions to the Plan.
(3)	Refer to Attachment A for listing of assets relating to these accounts.
(4)	Includes $25 million of investments identified as party-in-interest transactions to the Plan.
(5)	Refer to Attachment B for listing of assets relating to these contracts.
(6)	There are no non-participant directed investments.

S - 2

Attachment A

(In thousands)



	Identity of Issuer	Description	Cost	Current Value
	ABIOMED INC	COMMON STOCK		$	767
	ADOBE SYSTEMS INC	COMMON STOCK		2,185
	ALIBABA GROUP HOLDING LTD	COMMON STOCK		1,386
	ALLERGAN PLC	COMMON STOCK		2,510
	ALLIANCE DATA SYSTEMS CORP	COMMON STOCK		2,196
	ALPHABET INC-CL C	COMMON STOCK		7,327
	AMAZON.COM INC	COMMON STOCK		5,348
	AMERICAN TOWER CORP	COMMON STOCK		2,161
	AMETEK INC	COMMON STOCK		1,897
	APPLE INC	COMMON STOCK		4,650
	AUTODESK INC	COMMON STOCK		1,601
	AUTOZONE INC	COMMON STOCK		1,610
	BRISTOL-MYERS SQUIBB CO	COMMON STOCK		4,212
	CDW CORP/DE	COMMON STOCK		2,311
	CELGENE CORP	COMMON STOCK		656
	CERNER CORP	COMMON STOCK		917
	CONSTELLATION BRANDS INC	COMMON STOCK		1,749
	DR HORTON INC	COMMON STOCK		1,219
*	DREYFUS GOVT CAS MGMT INST 289	MUTUAL FUND		678
	EDWARDS LIFESCIENCES CORP	COMMON STOCK		2,470
	EQUIFAX INC	COMMON STOCK		2,004
	ESTEE LAUDER COS INC/THE	COMMON STOCK		2,109
	FACEBOOK INC	COMMON STOCK		5,154
	FASTENAL CO	COMMON STOCK		1,720
	FLEETCOR TECHNOLOGIES INC	COMMON STOCK		1,923
	FORTUNE BRANDS HOME & SECURITY	COMMON STOCK		1,346
	GLOBAL PAYMENTS INC	COMMON STOCK		1,792
	HILTON WORLDWIDE HOLDINGS INC	COMMON STOCK		1,401
	HOME DEPOT INC/THE	COMMON STOCK		5,068
	IHS MARKIT LTD	COMMON STOCK		1,756
	ILLUMINA INC	COMMON STOCK		1,424
	INTERCONTINENTAL EXCHANGE INC	COMMON STOCK		1,914
	JB HUNT TRANSPORT SERVICES INC	COMMON STOCK		1,132
	KANSAS CITY SOUTHERN	COMMON STOCK		600
	LAS VEGAS SANDS CORP	COMMON STOCK		1,314
	LENNAR CORP	COMMON STOCK		1,250
	LOCKHEED MARTIN CORP	COMMON STOCK		1,850
	LOWE'S COS INC	COMMON STOCK		1,144
	MARKEL CORP	COMMON STOCK		1,761
	MARKETAXESS HOLDINGS INC	COMMON STOCK		1,500
	MARSH & MCLENNAN COS INC	COMMON STOCK		1,935
	MASTERCARD INC	COMMON STOCK		4,095
	MEDTRONIC PLC	COMMON STOCK		1,876
	MICROSOFT CORP	COMMON STOCK		2,133
	MONDELEZ INTERNATIONAL INC	COMMON STOCK		2,237
	MONSTER BEVERAGE CORP	COMMON STOCK		2,280
	MSCI INC	COMMON STOCK		1,312
	NETFLIX INC	COMMON STOCK		3,184
	NIELSEN HOLDINGS PLC	COMMON STOCK		1,619
	NIKE INC	COMMON STOCK		1,363
	NORTHROP GRUMMAN CORP	COMMON STOCK		1,363
	O'REILLY AUTOMOTIVE INC	COMMON STOCK		1,385
	PAYPAL HOLDINGS INC	COMMON STOCK		2,014
	PEPSICO INC	COMMON STOCK		1,579
	PRICELINE GROUP INC/THE	COMMON STOCK		1,622
	PUBLIC STORAGE	COMMON STOCK		1,592
	REGENERON PHARMACEUTICALS INC	COMMON STOCK		1,372
	ROSS STORES INC	COMMON STOCK		1,637
	SALESFORCE.COM INC	COMMON STOCK		1,811
	SERVICENOW INC	COMMON STOCK		2,152
	SHERWIN-WILLIAMS CO/THE	COMMON STOCK		1,533
	SNAP-ON INC	COMMON STOCK		628
	STARBUCKS CORP	COMMON STOCK		779
	TD AMERITRADE HOLDING CORP	COMMON STOCK		353
	TRANSUNION	COMMON STOCK		1,594
	UNDER ARMOUR INC	COMMON STOCK		1,307
	UNITEDHEALTH GROUP INC	COMMON STOCK		2,067
	VERISK ANALYTICS INC	COMMON STOCK		1,645
	VISA INC	COMMON STOCK		3,305
	WORKDAY INC	COMMON STOCK		1,346
	ZILLOW GROUP INC	COMMON STOCK		1,001
				$	140,131

* Identified as a party-in-interest to the Plan.

S - 3

Attachment A

(In thousands)



	Identity of Issuer		Description	Cost	Current Value
	ADIENT PLC		COMMON STOCK		$	168
	AEGON NV		COMMON STOCK		885
	ALNYLAM PHARMACEUTICALS INC		COMMON STOCK		483
	ALPHABET INC-CL A		COMMON STOCK		475
	ALPHABET INC-CL C		COMMON STOCK		3,097
	AMERICAN EXPRESS CO		COMMON STOCK		2,963
	ANADARKO PETROLEUM CORP		COMMON STOCK		2,196
	ANTHEM INC		COMMON STOCK		719
	APACHE CORP		COMMON STOCK		2,602
	ASTRAZENECA PLC		COMMON STOCK		2,147
	BAKER HUGHES INC		COMMON STOCK		2,810
	BANK OF AMERICA CORP		COMMON STOCK		5,746
*	BANK OF NEW YORK MELLON CORP/T		COMMON STOCK		3,658
	BB&T CORP		COMMON STOCK		1,528
	BRISTOL-MYERS SQUIBB CO		COMMON STOCK		1,706
	CAPITAL ONE FINANCIAL CORP		COMMON STOCK		5,409
	CELANESE CORP		COMMON STOCK		1,457
	CHARLES SCHWAB CORP/THE		COMMON STOCK		5,218
	CHARTER COMMUNICATIONS INC		COMMON STOCK		4,198
	CIGNA CORP		COMMON STOCK		2,668
	CISCO SYSTEMS INC		COMMON STOCK		2,720
	COACH INC		COMMON STOCK		753
	COMCAST CORP		COMMON STOCK		3,729
	CONCHO RESOURCES INC		COMMON STOCK		1,127
	CORNING INC		COMMON STOCK		1,214
	DANAHER CORP		COMMON STOCK		701
	DELL TECHNOLOGIES INC CLASS V		COMMON STOCK		1,105
	DISH NETWORK CORP		COMMON STOCK		1,419
*	DREYFUS GOVT CAS MGMT INST 289		MUTUAL FUND		9,202
	EXPRESS SCRIPTS HOLDING CO		COMMON STOCK		2,064
	FEDEX CORP		COMMON STOCK		3,072
	GOLDMAN SACHS GROUP INC/THE		COMMON STOCK		4,621
	HARLEY-DAVIDSON INC		COMMON STOCK		753
	HEWLETT PACKARD ENTERPRISE CO		COMMON STOCK		4,859
	HP INC		COMMON STOCK		2,671
	JOHNSON CONTROLS INTERNATIONAL		COMMON STOCK		1,156
	JPMORGAN CHASE & CO		COMMON STOCK		3,288
	JUNIPER NETWORKS INC		COMMON STOCK		376
	LIBERTY INTERACTIVE CORP QVC G		COMMON STOCK		619
	MAXIM INTEGRATED PRODUCTS INC		COMMON STOCK		1,138
	MEDTRONIC PLC		COMMON STOCK		1,247
	MERCK & CO INC		COMMON STOCK		1,413
	METLIFE INC		COMMON STOCK		3,314
	MICROSOFT CORP		COMMON STOCK		3,728
	NATIONAL OILWELL VARCO INC		COMMON STOCK		1,647
	NETAPP INC		COMMON STOCK		1,199
	NEWS CORP		COMMON STOCK		138
	NOVARTIS AG		COMMON STOCK		4,035
	PRICELINE GROUP INC/THE		COMMON STOCK		1,613
	SANOFI		COMMON STOCK		4,756
	SCHLUMBERGER LTD		COMMON STOCK		3,148
	SPRINT CORP		COMMON STOCK		2,022
	SYMANTEC CORP		COMMON STOCK		208
	SYNOPSYS INC		COMMON STOCK		1,060
	TARGET CORP		COMMON STOCK		1,083
	TE CONNECTIVITY LTD		COMMON STOCK		1,628
	TIME WARNER INC		COMMON STOCK		4,447
	TWENTY-FIRST CENTURY FOX INC		COMMON STOCK		2,748
	TWENTY-FIRST CENTURY FOX INC		COMMON STOCK		586
	UNION PACIFIC CORP		COMMON STOCK		2,074
	UNITEDHEALTH GROUP INC		COMMON STOCK		2,241
	VMWARE INC		COMMON STOCK		1,181
	WAL-MART STORES INC		COMMON STOCK		2,143
	WEATHERFORD INTERNATIONAL PLC		COMMON STOCK		324
	WELLS FARGO & CO		COMMON STOCK		5,622
	ZAYO GROUP HOLDINGS INC		COMMON STOCK		637
		DODGE & COX VALUE EQUITY FUND			$	150,962

* Identified as a party-in-interest to the Plan.

S - 4

Attachment B

(In thousands)



Identity of Issuer	Maturity and Interest Rates	Description	Current Value
90DAY EURODOLLAR FUTURE (CME)	EXP JUN 19	OTHER INVESTMENTS	$	(97	)
90DAY EURODOLLAR FUTURE (CME)	EXP JUN 17	OTHER INVESTMENTS	41
ABBOTT LABORATORIES	2.900% 11/30/2021 DD 11/22/16	CORPORATE DEBT INSTRUMENTS	823
ABBOTT LABORATORIES	2.900% 11/30/2021 DD 11/22/16	CORPORATE DEBT INSTRUMENTS	1,122
ABBVIE INC	2.300% 05/14/2021 DD 05/12/16	CORPORATE DEBT INSTRUMENTS	29
ABBVIE INC	3.200% 05/14/2026 DD 05/12/16	CORPORATE DEBT INSTRUMENTS	38
ABBVIE INC	2.900% 11/06/2022 DD 05/06/13	CORPORATE DEBT INSTRUMENTS	76
ABBVIE INC	2.300% 05/14/2021 DD 05/12/16	CORPORATE DEBT INSTRUMENTS	392
ABBVIE INC	2.850% 05/14/2023 DD 05/12/16	CORPORATE DEBT INSTRUMENTS	776
ABBVIE INC	2.500% 05/14/2020 DD 05/14/15	CORPORATE DEBT INSTRUMENTS	1,545
ABFC 2005-WF1 TRUST WF1 A2C	VAR RT 12/25/2034 DD 04/28/05	CORPORATE DEBT INSTRUMENTS	84
ACCESS GROUP INC 1 A2	VAR RT 08/25/2023 DD 06/08/06	CORPORATE DEBT INSTRUMENTS	60
ACCESS GROUP INC 1 A2	VAR RT 08/25/2023 DD 06/08/06	CORPORATE DEBT INSTRUMENTS	67
ACCESS GROUP INC 1 A3	VAR RT 06/22/2022 DD 06/07/05	CORPORATE DEBT INSTRUMENTS	326
ACTAVIS FUNDING SCS	3.000% 03/12/2020 DD 03/12/15	CORPORATE DEBT INSTRUMENTS	51
ACTAVIS FUNDING SCS	3.800% 03/15/2025 DD 03/12/15	CORPORATE DEBT INSTRUMENTS	95
ACTAVIS FUNDING SCS	2.450% 06/15/2019 DD 06/19/14	CORPORATE DEBT INSTRUMENTS	171
ACTAVIS FUNDING SCS	3.850% 06/15/2024 DD 06/19/14	CORPORATE DEBT INSTRUMENTS	404
ACTAVIS FUNDING SCS	3.450% 03/15/2022 DD 03/12/15	CORPORATE DEBT INSTRUMENTS	837
ACTAVIS FUNDING SCS	3.450% 03/15/2022 DD 03/12/15	CORPORATE DEBT INSTRUMENTS	3,015
ACTAVIS FUNDING SCS	3.000% 03/12/2020 DD 03/12/15	CORPORATE DEBT INSTRUMENTS	4,030
ACTAVIS INC	3.250% 10/01/2022 DD 10/02/12	CORPORATE DEBT INSTRUMENTS	174
ACTAVIS INC	1.875% 10/01/2017 DD 10/02/12	CORPORATE DEBT INSTRUMENTS	757
ADAMS MILL CLO LTD 1A A1 144A	VAR RT 07/15/2026 DD 08/12/14	CORPORATE DEBT INSTRUMENTS	990
AERCAP IRELAND CAPITAL DAC / A	4.500% 05/15/2021 DD 05/15/15	CORPORATE DEBT INSTRUMENTS	476
AETNA INC	2.800% 06/15/2023 DD 06/09/16	CORPORATE DEBT INSTRUMENTS	30
AETNA INC	1.900% 06/07/2019 DD 06/09/16	CORPORATE DEBT INSTRUMENTS	45
AETNA INC	3.500% 11/15/2024 DD 11/10/14	CORPORATE DEBT INSTRUMENTS	46
AETNA INC	3.200% 06/15/2026 DD 06/09/16	CORPORATE DEBT INSTRUMENTS	50
AETNA INC	2.800% 06/15/2023 DD 06/09/16	CORPORATE DEBT INSTRUMENTS	123
AETNA INC	2.400% 06/15/2021 DD 06/09/16	CORPORATE DEBT INSTRUMENTS	149
AETNA INC	2.750% 11/15/2022 DD 11/07/12	CORPORATE DEBT INSTRUMENTS	251
AETNA INC	2.400% 06/15/2021 DD 06/09/16	CORPORATE DEBT INSTRUMENTS	652
ALABAMA ECON SETTLEMENT AUTH B	3.163% 09/15/2025 DD 12/15/16	OTHER INVESTMENTS	166
ALLY AUTO RECEIVABLES T SN1 A3	1.210% 12/20/2017 DD 03/31/15	CORPORATE DEBT INSTRUMENTS	194
ALLY AUTO RECEIVABLES TRU 2 A2	1.170% 10/15/2018 DD 03/02/16	CORPORATE DEBT INSTRUMENTS	1,681
ALLY MASTER OWNER TRUST 1 A1	VAR RT 01/15/2019 DD 02/05/14	CORPORATE DEBT INSTRUMENTS	3,050
ALLY MASTER OWNER TRUST 2 A2	1.830% 01/15/2021 DD 02/11/15	CORPORATE DEBT INSTRUMENTS	3,153
ALTRIA GROUP INC	4.000% 01/31/2024 DD 10/31/13	CORPORATE DEBT INSTRUMENTS	68
AMAZON.COM INC	3.800% 12/05/2024 DD 12/05/14	CORPORATE DEBT INSTRUMENTS	137
AMERICAN AIRLINES 2013-2 CLASS	4.950% 07/15/2024 DD 07/15/14	CORPORATE DEBT INSTRUMENTS	571
AMERICAN EXPRESS CO	1.550% 05/22/2018 DD 05/22/13	CORPORATE DEBT INSTRUMENTS	724
AMERICAN EXPRESS CRED 4 C 144A	VAR RT 05/15/2020 DD 11/08/12	CORPORATE DEBT INSTRUMENTS	2,099
AMERICAN EXPRESS CREDIT CORP	1.800% 07/31/2018 DD 07/31/15	CORPORATE DEBT INSTRUMENTS	1,427
AMERICAN HONDA FINANCE CORP	2.250% 08/15/2019 DD 09/09/14	CORPORATE DEBT INSTRUMENTS	87
AMERICAN INTERNATIONAL GROUP I	3.900% 04/01/2026 DD 03/22/16	CORPORATE DEBT INSTRUMENTS	144
AMERICAN INTERNATIONAL GROUP I	3.750% 07/10/2025 DD 07/10/15	CORPORATE DEBT INSTRUMENTS	146
AMERICAN INTERNATIONAL GROUP I	3.900% 04/01/2026 DD 03/22/16	CORPORATE DEBT INSTRUMENTS	305
AMERICAN INTERNATIONAL GROUP I	5.850% 01/16/2018 DD 12/12/07	CORPORATE DEBT INSTRUMENTS	380
AMERICAN INTERNATIONAL GROUP I	2.300% 07/16/2019 DD 07/16/14	CORPORATE DEBT INSTRUMENTS	1,326
AMERICAN TOWER CORP	3.300% 02/15/2021 DD 01/12/16	CORPORATE DEBT INSTRUMENTS	202
AMERISOURCEBERGEN CORP	1.150% 05/15/2017 DD 05/22/14	CORPORATE DEBT INSTRUMENTS	250
AMGEN INC	2.600% 08/19/2026 DD 08/19/16	CORPORATE DEBT INSTRUMENTS	14
AMGEN INC	2.125% 05/01/2020 DD 05/01/15	CORPORATE DEBT INSTRUMENTS	257
AMGEN INC	1.850% 08/19/2021 DD 08/19/16	CORPORATE DEBT INSTRUMENTS	750
ANALOG DEVICES INC	3.500% 12/05/2026 DD 12/05/16	CORPORATE DEBT INSTRUMENTS	40
ANCHORAGE CAPITAL 3A A1R 144A	VAR RT 04/28/2026 DD 10/28/16	CORPORATE DEBT INSTRUMENTS	801
ANCHORAGE CAPITAL C 8A A1 144A	VAR RT 07/28/2028 DD 07/26/16	CORPORATE DEBT INSTRUMENTS	749
ANHEUSER-BUSCH INBEV FINANCE I	2.650% 02/01/2021 DD 01/25/16	CORPORATE DEBT INSTRUMENTS	40
ANHEUSER-BUSCH INBEV FINANCE I	3.650% 02/01/2026 DD 01/25/16	CORPORATE DEBT INSTRUMENTS	228
ANHEUSER-BUSCH INBEV FINANCE I	3.650% 02/01/2026 DD 01/25/16	CORPORATE DEBT INSTRUMENTS	255
ANHEUSER-BUSCH INBEV FINANCE I	3.300% 02/01/2023 DD 01/25/16	CORPORATE DEBT INSTRUMENTS	330
ANHEUSER-BUSCH INBEV FINANCE I	2.650% 02/01/2021 DD 01/25/16	CORPORATE DEBT INSTRUMENTS	805
ANHEUSER-BUSCH INBEV FINANCE I	2.650% 02/01/2021 DD 01/25/16	CORPORATE DEBT INSTRUMENTS	1,132
ANHEUSER-BUSCH INBEV FINANCE I	3.300% 02/01/2023 DD 01/25/16	CORPORATE DEBT INSTRUMENTS	1,196
ANHEUSER-BUSCH INBEV WORLDWIDE	2.200% 08/01/2018 DD 08/01/16	CORPORATE DEBT INSTRUMENTS	1,107
ANTHEM INC	1.875% 01/15/2018 DD 09/10/12	CORPORATE DEBT INSTRUMENTS	535
AON PLC	3.875% 12/15/2025 DD 03/01/16	CORPORATE DEBT INSTRUMENTS	56
APACHE CORP	3.625% 02/01/2021 DD 12/03/10	CORPORATE DEBT INSTRUMENTS	31
APACHE CORP	2.625% 01/15/2023 DD 12/03/12	CORPORATE DEBT INSTRUMENTS	264
APACHE CORP	3.250% 04/15/2022 DD 04/09/12	CORPORATE DEBT INSTRUMENTS	660
APIDOS CLO IX 9AR AR 144A	VAR RT 07/15/2023 DD 04/15/15	CORPORATE DEBT INSTRUMENTS	701
APPLE INC	2.850% 05/06/2021 DD 05/06/14	CORPORATE DEBT INSTRUMENTS	46
APPLE INC	2.450% 08/04/2026 DD 08/04/16	CORPORATE DEBT INSTRUMENTS	169

S - 5

Attachment B

(In thousands)



	Identity of Issuer	Maturity and Interest Rates	Description	Current Value
	APPLE INC	3.250% 02/23/2026 DD 02/23/16	CORPORATE DEBT INSTRUMENTS	240
	APPLE INC	1.000% 05/03/2018 DD 05/03/13	CORPORATE DEBT INSTRUMENTS	498
	APPLE INC	2.250% 02/23/2021 DD 02/23/16	CORPORATE DEBT INSTRUMENTS	1,149
	ARCH CAPITAL FINANCE LLC	4.011% 12/15/2026 DD 12/08/16	CORPORATE DEBT INSTRUMENTS	25
	ARES XXVI CLO LTD 1A A 144A	VAR RT 04/15/2025 DD 03/27/13	CORPORATE DEBT INSTRUMENTS	499
	ARES XXXIX CLO LTD 39A A 144A	VAR RT 07/18/2028 DD 07/27/16	CORPORATE DEBT INSTRUMENTS	750
	ARIZONA PUBLIC SERVICE CO	2.200% 01/15/2020 DD 01/12/15	CORPORATE DEBT INSTRUMENTS	350
	ARROW ELECTRONICS INC	3.000% 03/01/2018 DD 02/20/13	CORPORATE DEBT INSTRUMENTS	253
	AT&T INC	2.400% 03/15/2017 DD 03/15/16	OTHER INVESTMENTS	405
	AT&T INC	2.400% 03/15/2017 DD 03/15/16	OTHER INVESTMENTS	810
	AT&T INC	3.400% 05/15/2025 DD 05/04/15	CORPORATE DEBT INSTRUMENTS	24
	AT&T INC	4.600% 02/15/2021 DD 02/15/16	CORPORATE DEBT INSTRUMENTS	29
	AT&T INC	5.600% 05/15/2018 DD 05/13/08	CORPORATE DEBT INSTRUMENTS	68
	AT&T INC	4.125% 02/17/2026 DD 02/09/16	CORPORATE DEBT INSTRUMENTS	152
	AT&T INC	5.500% 02/01/2018 DD 02/01/08	CORPORATE DEBT INSTRUMENTS	173
	AT&T INC	2.300% 03/11/2019 DD 03/10/14	CORPORATE DEBT INSTRUMENTS	351
	AT&T INC	3.800% 03/15/2022 DD 03/15/16	CORPORATE DEBT INSTRUMENTS	497
	AT&T INC	3.600% 02/17/2023 DD 02/09/16	CORPORATE DEBT INSTRUMENTS	706
	AT&T INC	1.700% 06/01/2017 DD 06/14/12	CORPORATE DEBT INSTRUMENTS	776
	AT&T INC	3.800% 03/15/2022 DD 03/15/16	CORPORATE DEBT INSTRUMENTS	959
	AT&T INC	2.450% 06/30/2020 DD 05/04/15	CORPORATE DEBT INSTRUMENTS	1,956
	ATRIUM X 10A A 144A	VAR RT 07/16/2025 DD 06/06/13	CORPORATE DEBT INSTRUMENTS	498
	AUTOMATIC DATA PROCESSING INC	3.375% 09/15/2025 DD 09/15/15	CORPORATE DEBT INSTRUMENTS	128
	AUTOMATIC DATA PROCESSING INC	2.250% 09/15/2020 DD 09/15/15	CORPORATE DEBT INSTRUMENTS	804
	AVIATION CAPITAL GROUP CO 144A	2.875% 09/17/2018 DD 09/17/15	CORPORATE DEBT INSTRUMENTS	273
	AVIS BUDGET RENTAL C 1A A 144A	2.500% 07/20/2021 DD 01/29/15	CORPORATE DEBT INSTRUMENTS	595
	AVIS BUDGET RENTAL C 1A A 144A	1.920% 09/20/2019 DD 02/13/13	CORPORATE DEBT INSTRUMENTS	2,089
	AVIS BUDGET RENTAL C 2A A 144A	2.630% 12/20/2021 DD 05/27/15	CORPORATE DEBT INSTRUMENTS	691
	AVIS BUDGET RENTAL C 2A A 144A	2.500% 02/20/2021 DD 07/24/14	CORPORATE DEBT INSTRUMENTS	1,096
	AVNET INC	4.625% 04/15/2026 DD 03/29/16	CORPORATE DEBT INSTRUMENTS	10
	BA CREDIT CARD TRUST A2 A	VAR RT 09/16/2019 DD 05/14/14	CORPORATE DEBT INSTRUMENTS	2,801
	BAE SYSTEMS HOLDINGS INC 144A	3.850% 12/15/2025 DD 12/10/15	CORPORATE DEBT INSTRUMENTS	20
	BAE SYSTEMS HOLDINGS INC 144A	2.850% 12/15/2020 DD 12/10/15	CORPORATE DEBT INSTRUMENTS	50
	BANC OF AMERICA COMME UB10 ASB	3.019% 07/15/2049 DD 06/01/16	CORPORATE DEBT INSTRUMENTS	1,199
	BANC OF AMERICA COMMERCIA 1 A4	5.451% 01/15/2049 DD 02/01/07	CORPORATE DEBT INSTRUMENTS	18
	BANK NEDERLANDSE GEMEENTE 144A	1.125% 05/25/2018 DD 05/25/16	CORPORATE DEBT INSTRUMENTS	852
	BANK OF AMERICA CORP	6.875% 04/25/2018 DD 04/25/08	CORPORATE DEBT INSTRUMENTS	63
	BANK OF AMERICA CORP	6.400% 08/28/2017 DD 08/28/07	CORPORATE DEBT INSTRUMENTS	71
	BANK OF AMERICA CORP	3.875% 08/01/2025 DD 07/30/15	CORPORATE DEBT INSTRUMENTS	76
	BANK OF AMERICA CORP	1.950% 05/12/2018 DD 05/12/15	CORPORATE DEBT INSTRUMENTS	130
	BANK OF AMERICA CORP	2.000% 01/11/2018 DD 01/11/13	CORPORATE DEBT INSTRUMENTS	169
	BANK OF AMERICA CORP	5.750% 12/01/2017 DD 12/04/07	CORPORATE DEBT INSTRUMENTS	212
	BANK OF AMERICA CORP	5.000% 05/13/2021 DD 05/13/11	CORPORATE DEBT INSTRUMENTS	218
	BANK OF AMERICA CORP	6.000% 09/01/2017 DD 08/23/07	CORPORATE DEBT INSTRUMENTS	324
	BANK OF AMERICA CORP	3.248% 10/21/2027 DD 10/21/16	CORPORATE DEBT INSTRUMENTS	358
	BANK OF AMERICA CORP	4.000% 04/01/2024 DD 04/01/14	CORPORATE DEBT INSTRUMENTS	485
	BANK OF AMERICA CORP	4.000% 04/01/2024 DD 04/01/14	CORPORATE DEBT INSTRUMENTS	516
	BANK OF AMERICA CORP	6.875% 04/25/2018 DD 04/25/08	CORPORATE DEBT INSTRUMENTS	532
	BANK OF AMERICA CORP	2.250% 04/21/2020 DD 04/21/15	CORPORATE DEBT INSTRUMENTS	565
	BANK OF AMERICA CORP	2.600% 01/15/2019 DD 10/22/13	CORPORATE DEBT INSTRUMENTS	576
	BANK OF AMERICA CORP	2.250% 04/21/2020 DD 04/21/15	CORPORATE DEBT INSTRUMENTS	766
	BANK OF AMERICA CORP	5.650% 05/01/2018 DD 05/02/08	CORPORATE DEBT INSTRUMENTS	770
	BANK OF AMERICA CORP	5.650% 05/01/2018 DD 05/02/08	CORPORATE DEBT INSTRUMENTS	995
	BANK OF AMERICA CORP	2.503% 10/21/2022 DD 10/21/16	CORPORATE DEBT INSTRUMENTS	1,141
	BANK OF AMERICA CORP	VAR RT 01/15/2019 DD 10/22/13	CORPORATE DEBT INSTRUMENTS	1,211
	BANK OF AMERICA CORP	2.000% 01/11/2018 DD 01/11/13	CORPORATE DEBT INSTRUMENTS	1,303
	BANK OF AMERICA CORP	2.600% 01/15/2019 DD 10/22/13	CORPORATE DEBT INSTRUMENTS	2,017
	BANK OF AMERICA CORP	5.650% 05/01/2018 DD 05/02/08	CORPORATE DEBT INSTRUMENTS	2,829
	BANK OF AMERICA NA	5.300% 03/15/2017 DD 03/13/07	CORPORATE DEBT INSTRUMENTS	252
	BANK OF AMERICA NA	1.750% 06/05/2018 DD 06/05/15	CORPORATE DEBT INSTRUMENTS	640
	BANK OF MONTREAL	1.300% 07/14/2017 DD 07/14/14	CORPORATE DEBT INSTRUMENTS	695
*	BANK OF NEW YORK MELLON CORP/T	2.800% 05/04/2026 DD 05/02/16	CORPORATE DEBT INSTRUMENTS	29
*	BANK OF NEW YORK MELLON CORP/T	2.050% 05/03/2021 DD 05/02/16	CORPORATE DEBT INSTRUMENTS	54
*	BANK OF NEW YORK MELLON CORP/T	3.000% 02/24/2025 DD 02/24/15	CORPORATE DEBT INSTRUMENTS	64
*	BANK OF NEW YORK MELLON CORP/T	3.400% 05/15/2024 DD 05/07/14	CORPORATE DEBT INSTRUMENTS	218
	BANK OF NOVA SCOTIA/THE	1.875% 04/26/2021 DD 04/26/16	CORPORATE DEBT INSTRUMENTS	98
	BANK OF TOKYO C/D	VAR RT 08/11/2017 DD 08/17/16	INTEREST-BEARING CASH	605
	BANK OF TOKYO C/D	VAR RT 08/17/2017 DD 08/18/16	INTEREST-BEARING CASH	925
	BANK OF TOKYO-MITSUBISHI 144A	2.150% 09/14/2018 DD 09/14/15	CORPORATE DEBT INSTRUMENTS	450
	BARCLAYS BANK PLC 144A	2.250% 05/10/2017 DD 05/10/12	CORPORATE DEBT INSTRUMENTS	1,078
	BARCLAYS PLC	4.375% 01/12/2026 DD 01/12/16	CORPORATE DEBT INSTRUMENTS	203
	BARCLAYS PLC	3.650% 03/16/2025 DD 03/16/15	CORPORATE DEBT INSTRUMENTS	300
	BARCLAYS PLC	3.250% 01/12/2021 DD 01/12/16	CORPORATE DEBT INSTRUMENTS	1,041
	BARCLAYS PLC	3.650% 03/16/2025 DD 03/16/15	CORPORATE DEBT INSTRUMENTS	1,934

S - 6

Attachment B

(In thousands)



Identity of Issuer	Maturity and Interest Rates	Description	Current Value
BAT INTERNATIONAL FINANCE 144A	2.750% 06/15/2020 DD 06/15/15	CORPORATE DEBT INSTRUMENTS	277
BAT INTERNATIONAL FINANCE 144A	1.850% 06/15/2018 DD 06/15/15	CORPORATE DEBT INSTRUMENTS	400
BATTALION CLO IV LT 4A A1 144A	VAR RT 10/22/2025 DD 09/25/13	CORPORATE DEBT INSTRUMENTS	599
BAXALTA INC	4.000% 06/23/2025 DD 12/23/15	CORPORATE DEBT INSTRUMENTS	27
BAYER US FINANCE LLC 144A	2.375% 10/08/2019 DD 10/08/14	CORPORATE DEBT INSTRUMENTS	1,042
BEAR STEARNS COMMERCI PW16 A1A	VAR RT 06/11/2040 DD 06/01/07	CORPORATE DEBT INSTRUMENTS	166
BEAR STEARNS COMMERCIA PW16 A4	VAR RT 06/11/2040 DD 06/01/07	CORPORATE DEBT INSTRUMENTS	626
BEAR STEARNS COS LLC/THE	5.550% 01/22/2017 DD 11/22/06	CORPORATE DEBT INSTRUMENTS	140
BEAR STEARNS COS LLC/THE	4.650% 07/02/2018 DD 06/25/03	CORPORATE DEBT INSTRUMENTS	150
BEAR STEARNS COS LLC/THE	7.250% 02/01/2018 DD 02/01/08	CORPORATE DEBT INSTRUMENTS	401
BECTON DICKINSON AND CO	1.800% 12/15/2017 DD 12/15/14	CORPORATE DEBT INSTRUMENTS	78
BENEFIT STREET P VIIA A1A 144A	VAR RT 07/18/2027 DD 07/29/15	CORPORATE DEBT INSTRUMENTS	1,245
BENEFIT STREET PAR IIA A1 144A	VAR RT 07/15/2024 DD 06/13/13	CORPORATE DEBT INSTRUMENTS	1,099
BERKSHIRE HATHAWAY INC	3.125% 03/15/2026 DD 03/15/16	CORPORATE DEBT INSTRUMENTS	25
BERKSHIRE HATHAWAY INC	2.750% 03/15/2023 DD 03/15/16	CORPORATE DEBT INSTRUMENTS	30
BGC PARTNERS INC	5.125% 05/27/2021 DD 05/27/16	CORPORATE DEBT INSTRUMENTS	1,132
BHP BILLITON FINANCE USA 144A	VAR RT 10/19/2075 DD 10/19/15	CORPORATE DEBT INSTRUMENTS	336
BIOGEN INC	3.625% 09/15/2022 DD 09/15/15	CORPORATE DEBT INSTRUMENTS	72
BLACK HILLS CORP	2.500% 01/11/2019 DD 01/13/16	CORPORATE DEBT INSTRUMENTS	321
BLUE HILL CLO LTD 1A A 144A	VAR RT 01/15/2026 DD 12/05/13	CORPORATE DEBT INSTRUMENTS	300
BMW US CAPITAL LLC 144A	1.500% 04/11/2019 DD 04/11/16	CORPORATE DEBT INSTRUMENTS	67
BMW US CAPITAL LLC 144A	1.850% 09/15/2021 DD 09/15/16	CORPORATE DEBT INSTRUMENTS	628
BNP PARIBAS NY BRH C/D	1.470% 08/04/2017 DD 08/04/16	INTEREST-BEARING CASH	759
BNP PARIBAS NY BRH C/D	1.530% 08/17/2017 DD 08/18/16	INTEREST-BEARING CASH	790
BNP PARIBAS SA	2.375% 09/14/2017 DD 09/14/12	CORPORATE DEBT INSTRUMENTS	272
BNP PARIBAS SA	2.375% 05/21/2020 DD 05/21/15	CORPORATE DEBT INSTRUMENTS	274
BOSTON SCIENTIFIC CORP	3.850% 05/15/2025 DD 05/12/15	CORPORATE DEBT INSTRUMENTS	45
BOSTON SCIENTIFIC CORP	4.125% 10/01/2023 DD 08/13/13	CORPORATE DEBT INSTRUMENTS	311
BOSTON SCIENTIFIC CORP	2.650% 10/01/2018 DD 08/13/13	CORPORATE DEBT INSTRUMENTS	384
BOSTON SCIENTIFIC CORP	3.850% 05/15/2025 DD 05/12/15	CORPORATE DEBT INSTRUMENTS	601
BP CAPITAL MARKETS PLC	VAR RT 05/10/2018 DD 05/10/13	CORPORATE DEBT INSTRUMENTS	14
BP CAPITAL MARKETS PLC	1.375% 05/10/2018 DD 05/10/13	CORPORATE DEBT INSTRUMENTS	229
BP CAPITAL MARKETS PLC	2.112% 09/16/2021 DD 09/16/16	CORPORATE DEBT INSTRUMENTS	505
BPCE SA	2.250% 01/27/2020 DD 01/27/15	CORPORATE DEBT INSTRUMENTS	397
BPCE SA	2.500% 07/15/2019 DD 07/15/14	CORPORATE DEBT INSTRUMENTS	553
BRAZOS HIGHER EDUCATION 3 A15	VAR RT 03/25/2025 DD 11/22/05	CORPORATE DEBT INSTRUMENTS	15
BRITISH TELECOMMUNICATIONS PLC	2.350% 02/14/2019 DD 02/14/14	CORPORATE DEBT INSTRUMENTS	377
BRITISH TELECOMMUNICATIONS PLC	5.950% 01/15/2018 DD 12/12/07	CORPORATE DEBT INSTRUMENTS	380
BROOKSIDE MILL CLO 1A A1 144A	VAR RT 04/17/2025 DD 05/23/13	CORPORATE DEBT INSTRUMENTS	497
BURLINGTON NORTHERN SANTA FE L	3.000% 04/01/2025 DD 03/09/15	CORPORATE DEBT INSTRUMENTS	81
CABELA'S CREDIT CARD MAST 2 A1	2.250% 07/17/2023 DD 07/15/15	CORPORATE DEBT INSTRUMENTS	1,103
CALIFORNIA ST	7.300% 10/01/2039 DD 10/15/09	OTHER INVESTMENTS	71
CALIFORNIA ST	7.625% 03/01/2040 DD 04/01/10	OTHER INVESTMENTS	88
CANADIAN NATURAL RESOURCES LTD	3.900% 02/01/2025 DD 11/17/14	CORPORATE DEBT INSTRUMENTS	34
CAPITAL ONE BANK USA NA	2.150% 11/21/2018 DD 11/21/13	CORPORATE DEBT INSTRUMENTS	351
CAPITAL ONE FINANCIAL CORP	3.200% 02/05/2025 DD 02/05/15	CORPORATE DEBT INSTRUMENTS	114
CAPITAL ONE FINANCIAL CORP	3.500% 06/15/2023 DD 06/06/13	CORPORATE DEBT INSTRUMENTS	237
CAPITAL ONE MULTI-ASSET A1 A1	VAR RT 02/15/2022 DD 05/18/16	CORPORATE DEBT INSTRUMENTS	1,707
CAPITAL ONE MULTI-ASSET A5 A5	1.660% 06/17/2024 DD 08/25/16	CORPORATE DEBT INSTRUMENTS	1,166
CAPITAL ONE MULTI-ASSET A5 A5	1.660% 06/17/2024 DD 08/25/16	CORPORATE DEBT INSTRUMENTS	1,409
CAPITAL ONE NA/MCLEAN VA	1.650% 02/05/2018 DD 02/05/15	CORPORATE DEBT INSTRUMENTS	369
CAPITAL ONE NA/MCLEAN VA	1.650% 02/05/2018 DD 02/05/15	CORPORATE DEBT INSTRUMENTS	674
CAPITAL ONE NA/MCLEAN VA	2.950% 07/23/2021 DD 07/24/14	CORPORATE DEBT INSTRUMENTS	678
CAPITAL ONE NA/MCLEAN VA	1.500% 03/22/2018 DD 03/22/13	CORPORATE DEBT INSTRUMENTS	797
CARDS II TRUST 1A A 144A	VAR RT 07/15/2021 DD 07/27/16	CORPORATE DEBT INSTRUMENTS	904
CATAMARAN CLO 2014- 1A A1 144A	VAR RT 04/20/2026 DD 05/06/14	CORPORATE DEBT INSTRUMENTS	250
CATAMARAN CLO 2014 2A A1R 144A	VAR RT 10/18/2026 DD 12/06/16	CORPORATE DEBT INSTRUMENTS	250
CATERPILLAR FINANCIAL SERVICES	2.000% 03/05/2020 DD 03/05/15	CORPORATE DEBT INSTRUMENTS	1,239
CC HOLDINGS GS V LLC / CROWN C	3.849% 04/15/2023 DD 04/15/13	CORPORATE DEBT INSTRUMENTS	118
CCP_IRS R LIB3M 100BPS P 1.75%	VAR RT 12/21/2026 DD 12/21/16	OTHER INVESTMENTS	417
CCP_IRS R LIB3M 100BPS P 2.25%	2046 DEC 21 CME	OTHER INVESTMENTS	153
CCP_IRS. R USD-LIBOR-BBA 3M CM	PAY 2.50% 2046 JUN 15	OTHER INVESTMENTS	25
CCP_IRS. R USD-LIBOR-BBA 3M CM	PAY 1.75% 2026 DEC 21	OTHER INVESTMENTS	521
CD 2016-CD2 MORTGAGE TR CD2 A4	VAR RT 11/10/2049 DD 12/01/16	CORPORATE DEBT INSTRUMENTS	288
CDP FINANCIAL INC 144A	3.150% 07/24/2024 DD 07/24/14	CORPORATE DEBT INSTRUMENTS	745
CDP FINANCIAL INC 144A	4.400% 11/25/2019 DD 11/25/09	CORPORATE DEBT INSTRUMENTS	1,318
CENOVUS ENERGY INC	5.700% 10/15/2019 DD 04/15/10	CORPORATE DEBT INSTRUMENTS	508
CF INDUSTRIES INC 144A	4.500% 12/01/2026 DD 11/21/16	CORPORATE DEBT INSTRUMENTS	64
CGGS COMMERCIAL RNDB AFL 144A	VAR RT 02/15/2033 DD 03/30/16	CORPORATE DEBT INSTRUMENTS	666
CGRBS COMMERCIAL M VN05 A 144A	3.369% 03/13/2035 DD 03/01/13	CORPORATE DEBT INSTRUMENTS	706
CHARTER COMMUNICATIONS OPERATI	3.579% 07/23/2020 DD 07/23/16	CORPORATE DEBT INSTRUMENTS	102
CHARTER COMMUNICATIONS OPERATI	4.464% 07/23/2022 DD 07/23/16	CORPORATE DEBT INSTRUMENTS	277
CHARTER COMMUNICATIONS OPERATI	4.908% 07/23/2025 DD 07/23/16	CORPORATE DEBT INSTRUMENTS	280
CHARTER COMMUNICATIONS OPERATI	4.464% 07/23/2022 DD 07/23/16	CORPORATE DEBT INSTRUMENTS	2,001

S - 7

Attachment B

(In thousands)



Identity of Issuer	Maturity and Interest Rates	Description	Current Value
CHASE ISSUANCE TRUST A2 A	1.370% 06/15/2021 DD 06/17/16	CORPORATE DEBT INSTRUMENTS	1,287
CHASE ISSUANCE TRUST A5 A5	1.270% 07/15/2021 DD 08/11/16	CORPORATE DEBT INSTRUMENTS	903
CHASE ISSUANCE TRUST A5 A5	VAR RT 04/15/2021 DD 05/14/14	CORPORATE DEBT INSTRUMENTS	1,502
CHASE ISSUANCE TRUST A7 A7	1.380% 11/15/2019 DD 11/17/14	CORPORATE DEBT INSTRUMENTS	1,351
CHICAGO IL TRANSIT AUTH SALES	6.899% 12/01/2040 DD 08/06/08	OTHER INVESTMENTS	1,873
CHICAGO IL TRANSIT AUTH SALES	6.899% 12/01/2040 DD 08/06/08	OTHER INVESTMENTS	1,880
CHUBB INA HOLDINGS INC	2.700% 03/13/2023 DD 03/13/13	CORPORATE DEBT INSTRUMENTS	396
CHUBB INA HOLDINGS INC	2.875% 11/03/2022 DD 11/03/15	CORPORATE DEBT INSTRUMENTS	943
CIGNA CORP	3.250% 04/15/2025 DD 03/20/15	CORPORATE DEBT INSTRUMENTS	122
CIGNA CORP	3.250% 04/15/2025 DD 03/20/15	CORPORATE DEBT INSTRUMENTS	170
CISCO SYSTEMS INC	2.200% 02/28/2021 DD 02/29/16	CORPORATE DEBT INSTRUMENTS	264
CISCO SYSTEMS INC	2.200% 02/28/2021 DD 02/29/16	CORPORATE DEBT INSTRUMENTS	274
CISCO SYSTEMS INC	1.400% 09/20/2019 DD 09/20/16	CORPORATE DEBT INSTRUMENTS	692
CISCO SYSTEMS INC	1.400% 09/20/2019 DD 09/20/16	CORPORATE DEBT INSTRUMENTS	1,657
CITIBANK CREDIT CARD ISS A1 A1	2.880% 01/23/2023 DD 01/24/14	CORPORATE DEBT INSTRUMENTS	836
CITIBANK CREDIT CARD ISS A3 A3	VAR RT 12/07/2023 DD 12/19/16	CORPORATE DEBT INSTRUMENTS	600
CITIBANK CREDIT CARD ISS A8 A8	5.650% 09/20/2019 DD 09/20/07	CORPORATE DEBT INSTRUMENTS	944
CITIGROUP COMMERCIAL M GC21 A2	2.904% 05/10/2047 DD 05/01/14	CORPORATE DEBT INSTRUMENTS	2,285
CITIGROUP COMMERCIAL M GC36 A2	2.292% 02/10/2049 DD 02/01/16	CORPORATE DEBT INSTRUMENTS	1,791
CITIGROUP COMMERCIAL MO C2 AAB	2.710% 08/10/2049 DD 08/01/16	CORPORATE DEBT INSTRUMENTS	980
CITIGROUP COMMERCIAL MO P3 AAB	3.127% 04/15/2049 DD 04/01/16	CORPORATE DEBT INSTRUMENTS	1,201
CITIGROUP COMMERCIAL MOR C6 A4	VAR RT 12/10/2049 DD 07/01/07	CORPORATE DEBT INSTRUMENTS	192
CITIGROUP COMMERCIAL MOR P1 A5	3.717% 09/15/2048 DD 08/01/15	CORPORATE DEBT INSTRUMENTS	261
CITIGROUP COMMERCIAL MOR P6 A3	3.654% 12/10/2049 DD 12/01/16	CORPORATE DEBT INSTRUMENTS	1,026
CITIGROUP INC	2.050% 12/07/2018 DD 12/07/15	CORPORATE DEBT INSTRUMENTS	121
CITIGROUP INC	4.125% 07/25/2028 DD 07/25/16	CORPORATE DEBT INSTRUMENTS	148
CITIGROUP INC	1.800% 02/05/2018 DD 02/05/15	CORPORATE DEBT INSTRUMENTS	640
CITIGROUP INC	1.350% 03/10/2017 DD 03/10/14	CORPORATE DEBT INSTRUMENTS	650
CITIGROUP INC	1.800% 02/05/2018 DD 02/05/15	CORPORATE DEBT INSTRUMENTS	1,249
CITIGROUP INC	2.500% 09/26/2018 DD 09/26/13	CORPORATE DEBT INSTRUMENTS	1,292
CITIGROUP INC	2.700% 03/30/2021 DD 03/30/16	CORPORATE DEBT INSTRUMENTS	1,497
CITIZENS BANK NA/PROVIDENCE RI	2.550% 05/13/2021 DD 05/13/16	CORPORATE DEBT INSTRUMENTS	696
CITIZENS FINANCIAL GROUP INC	2.375% 07/28/2021 DD 07/28/16	CORPORATE DEBT INSTRUMENTS	98
CLEVELAND ELECTRIC ILLUMINATIN	5.700% 04/01/2017 DD 03/27/07	CORPORATE DEBT INSTRUMENTS	106
CMS ENERGY CORP	3.000% 05/15/2026 DD 05/05/16	CORPORATE DEBT INSTRUMENTS	19
CNOOC FINANCE 2013 LTD	1.750% 05/09/2018 DD 05/09/13	CORPORATE DEBT INSTRUMENTS	214
COBALT CMBS COMMERCIAL M C2 A3	VAR RT 04/15/2047 DD 04/01/07	CORPORATE DEBT INSTRUMENTS	1,221
COMCAST CORP	1.625% 01/15/2022 DD 07/19/16	CORPORATE DEBT INSTRUMENTS	48
COMCAST CORP	2.350% 01/15/2027 DD 07/19/16	CORPORATE DEBT INSTRUMENTS	51
COMCAST CORP	3.150% 03/01/2026 DD 02/23/16	CORPORATE DEBT INSTRUMENTS	141
COMCAST CORP	5.150% 03/01/2020 DD 03/01/10	CORPORATE DEBT INSTRUMENTS	197
COMCAST CORP	3.375% 08/15/2025 DD 05/27/15	CORPORATE DEBT INSTRUMENTS	226
COMCAST CORP	5.875% 02/15/2018 DD 11/17/06	CORPORATE DEBT INSTRUMENTS	315
COMM 2013-CCRE12 MORTG CR12 A3	3.765% 10/10/2046 DD 11/01/13	CORPORATE DEBT INSTRUMENTS	579
COMM 2014-CCRE21 MORTG CR21 A3	3.528% 12/10/2047 DD 12/01/14	CORPORATE DEBT INSTRUMENTS	355
COMM 2014-UBS3 MORTGAG UBS3 A2	2.844% 06/10/2047 DD 06/01/14	CORPORATE DEBT INSTRUMENTS	2,039
COMM 2015-3BP MORTG 3BP A 144A	3.178% 02/10/2035 DD 02/01/15	CORPORATE DEBT INSTRUMENTS	445
COMM 2015-LC19 MORTGAG LC19 A2	2.793% 02/10/2048 DD 02/01/15	CORPORATE DEBT INSTRUMENTS	1,778
COMMERCIAL MORTGAGE PAS CR3 A2	1.765% 10/15/2045 DD 10/01/12	CORPORATE DEBT INSTRUMENTS	1,170
COMMIT TO PUR FHLMC GOLD SFM	3.500% 02/01/2047 DD 02/01/17	U. S. GOVERNMENT SECURITIES	12,678
COMMIT TO PUR FNMA SF MTG	3.000% 02/01/2047 DD 02/01/17	U. S. GOVERNMENT SECURITIES	2,976
COMMIT TO PUR FNMA SF MTG	4.500% 02/01/2047 DD 02/01/17	U. S. GOVERNMENT SECURITIES	3,008
COMMIT TO PUR FNMA SF MTG	4.000% 02/01/2047 DD 02/01/17	U. S. GOVERNMENT SECURITIES	8,399
COMMIT TO PUR FNMA SF MTG	3.500% 02/01/2047 DD 02/01/17	U. S. GOVERNMENT SECURITIES	9,108
COMMIT TO PUR GNMA II JUMBOS	3.500% 02/20/2047 DD 02/01/17	U. S. GOVERNMENT SECURITIES	2,387
COMMONWEALTH BANK OF AUSTRALIA	2.500% 09/20/2018 DD 09/20/13	CORPORATE DEBT INSTRUMENTS	961
COMPASS BANK	1.850% 09/29/2017 DD 09/29/14	CORPORATE DEBT INSTRUMENTS	574
COMPASS BANK	1.850% 09/29/2017 DD 09/29/14	CORPORATE DEBT INSTRUMENTS	2,195
CONOCOPHILLIPS CO	4.950% 03/15/2026 DD 03/08/16	CORPORATE DEBT INSTRUMENTS	193
CONOCOPHILLIPS CO	3.350% 11/15/2024 DD 11/12/14	CORPORATE DEBT INSTRUMENTS	229
CONSOLIDATED EDISON CO OF NEW	5.850% 04/01/2018 DD 04/04/08	CORPORATE DEBT INSTRUMENTS	27
COOPERATIEVE CENTRAL INSTL C/D	VAR RT 08/16/2017 DD 08/19/16	INTEREST-BEARING CASH	985
COOPERATIEVE RABOBANK UA/NY	2.500% 01/19/2021 DD 01/19/16	CORPORATE DEBT INSTRUMENTS	250
CORE INDUSTRIAL TR TEXW A 144A	3.077% 02/10/2034 DD 04/01/15	CORPORATE DEBT INSTRUMENTS	597
CORP ANDINA DE FOMENTO	8.125% 06/04/2019 DD 06/04/09	OTHER INVESTMENTS	84
CORP ANDINA DE FOMENTO	2.000% 05/10/2019 DD 05/10/16	OTHER INVESTMENTS	288
CORP ANDINA DE FOMENTO	2.125% 09/27/2021 DD 09/27/16	OTHER INVESTMENTS	300
COVIDIEN INTERNATIONAL FINANCE	6.000% 10/15/2017 DD 04/15/08	CORPORATE DEBT INSTRUMENTS	27
COX COMMUNICATIONS INC 144A	3.350% 09/15/2026 DD 09/13/16	CORPORATE DEBT INSTRUMENTS	10
CREDIT AGRICOLE SA/LONDON 144A	VAR RT 04/15/2019 DD 04/15/14	CORPORATE DEBT INSTRUMENTS	1,406
CREDIT AGRICOLE SA/LONDON 144A	VAR RT 04/15/2019 DD 04/15/14	CORPORATE DEBT INSTRUMENTS	3,013
CREDIT IND ET CM NY INSTL C/D	VAR RT 08/16/2017 DD 08/19/16	INTEREST-BEARING CASH	1,025
CREDIT SUISSE AG/NEW YORK NY	1.375% 05/26/2017 DD 05/28/14	CORPORATE DEBT INSTRUMENTS	695
CREDIT SUISSE AG/NEW YORK NY	1.375% 05/26/2017 DD 05/28/14	CORPORATE DEBT INSTRUMENTS	1,245

S - 8

Attachment B

(In thousands)



Identity of Issuer	Maturity and Interest Rates	Description	Current Value
CREDIT SUISSE AG/NEW YORK NY	2.300% 05/28/2019 DD 05/28/14	CORPORATE DEBT INSTRUMENTS	1,980
CREDIT SUISSE AG/NEW YORK NY	VAR RT 01/29/2018 DD 01/29/15	CORPORATE DEBT INSTRUMENTS	2,804
CREDIT SUISSE COMMERCIAL C1 A2	VAR RT 02/15/2041 DD 04/01/08	CORPORATE DEBT INSTRUMENTS	32
CREDIT SUISSE FST DISC	05/23/2017	CORPORATE DEBT INSTRUMENTS	1,568
CREDIT SUISSE GROUP FUNDING GU	3.450% 04/16/2021 DD 10/18/16	CORPORATE DEBT INSTRUMENTS	252
CREDIT SUISSE GROUP FUNDING GU	3.125% 12/10/2020 DD 06/10/16	CORPORATE DEBT INSTRUMENTS	623
CREDIT SUISSE GROUP INSTL C/D	VAR RT 08/16/2017 DD 08/17/16	INTEREST-BEARING CASH	885
CREDIT SUISSE NY INSTL C/D	1.600% 08/04/2017 DD 08/05/16	INTEREST-BEARING CASH	598
CROWN CASTLE INTERNATIONAL COR	2.250% 09/01/2021 DD 09/01/16	CORPORATE DEBT INSTRUMENTS	97
CROWN CASTLE INTERNATIONAL COR	3.400% 02/15/2021 DD 02/08/16	CORPORATE DEBT INSTRUMENTS	507
CROWN CASTLE INTERNATIONAL COR	4.875% 04/15/2022 DD 04/15/14	CORPORATE DEBT INSTRUMENTS	745
CSAIL 2016-C6 COMMERCIAL C6 A2	2.662% 01/15/2049 DD 05/01/16	CORPORATE DEBT INSTRUMENTS	911
CSAIL 2016-C6 COMMERCIAL C6 A4	2.823% 01/15/2049 DD 05/01/16	CORPORATE DEBT INSTRUMENTS	678
CSAIL 2016-C7 COMMERCIAL C7 A3	2.608% 11/15/2049 DD 11/01/16	CORPORATE DEBT INSTRUMENTS	1,177
CSMC SERIES 2016- 12R 1A1 144A	VAR RT 02/28/2047 DD 11/01/16	CORPORATE DEBT INSTRUMENTS	980
CSMC TRUST 2015-GL GLPB A 144A	3.639% 11/15/2034 DD 12/01/15	CORPORATE DEBT INSTRUMENTS	730
CSMC TRUST 2016-NXSR NXSR A4	VAR RT 12/15/2049 DD 12/01/16	CORPORATE DEBT INSTRUMENTS	247
CVS HEALTH CORP	2.250% 12/05/2018 DD 12/05/13	CORPORATE DEBT INSTRUMENTS	303
CVS HEALTH CORP	1.900% 07/20/2018 DD 07/20/15	CORPORATE DEBT INSTRUMENTS	326
CVS HEALTH CORP	2.875% 06/01/2026 DD 05/25/16	CORPORATE DEBT INSTRUMENTS	429
CVS HEALTH CORP	2.800% 07/20/2020 DD 07/20/15	CORPORATE DEBT INSTRUMENTS	3,419
CWABS INC ASSET-BACKED C 6 2A5	VAR RT 11/25/2034 DD 06/30/04	CORPORATE DEBT INSTRUMENTS	155
DAIMLER FINANCE NORTH AME 144A	1.500% 07/05/2019 DD 07/06/16	CORPORATE DEBT INSTRUMENTS	153
DAIMLER FINANCE NORTH AME 144A	2.700% 08/03/2020 DD 08/03/15	CORPORATE DEBT INSTRUMENTS	327
DAIMLER FINANCE NORTH AME 144A	2.250% 03/02/2020 DD 03/02/15	CORPORATE DEBT INSTRUMENTS	498
DANONE SA 144A	2.589% 11/02/2023 DD 11/02/16	CORPORATE DEBT INSTRUMENTS	231
DCP MIDSTREAM OPERATING LP	2.700% 04/01/2019 DD 03/13/14	CORPORATE DEBT INSTRUMENTS	489
DELL INTERNATIONAL LLC / 144A	5.450% 06/15/2023 DD 06/01/16	CORPORATE DEBT INSTRUMENTS	143
DELL INTERNATIONAL LLC / 144A	4.420% 06/15/2021 DD 06/01/16	CORPORATE DEBT INSTRUMENTS	248
DELL INTERNATIONAL LLC / 144A	3.480% 06/01/2019 DD 06/01/16	CORPORATE DEBT INSTRUMENTS	286
DELPHI CORP	4.150% 03/15/2024 DD 03/03/14	CORPORATE DEBT INSTRUMENTS	22
DELTA AIR LINES 2010-2 CLASS A	4.950% 11/23/2020 DD 11/22/10	CORPORATE DEBT INSTRUMENTS	141
DEUTSCHE BANK AG	2.850% 05/10/2019 DD 05/12/16	CORPORATE DEBT INSTRUMENTS	299
DEUTSCHE BANK AG	VAR RT 05/10/2019 DD 05/12/16	CORPORATE DEBT INSTRUMENTS	507
DEUTSCHE BANK AG	3.375% 05/12/2021 DD 05/12/16	CORPORATE DEBT INSTRUMENTS	515
DEUTSCHE BANK AG 144A	4.250% 10/14/2021 DD 10/14/16	CORPORATE DEBT INSTRUMENTS	151
DEUTSCHE BANK AG 144A	4.250% 10/14/2021 DD 10/14/16	CORPORATE DEBT INSTRUMENTS	502
DEUTSCHE BANK AG/LONDON	2.500% 02/13/2019 DD 02/13/14	CORPORATE DEBT INSTRUMENTS	149
DEUTSCHE BANK AG/LONDON	6.000% 09/01/2017 DD 08/29/07	CORPORATE DEBT INSTRUMENTS	512
DEUTSCHE BANK AG/LONDON	1.350% 05/30/2017 DD 05/30/14	CORPORATE DEBT INSTRUMENTS	723
DEVON ENERGY CORP	4.000% 07/15/2021 DD 07/12/11	CORPORATE DEBT INSTRUMENTS	233
DEVON ENERGY CORP	3.250% 05/15/2022 DD 05/14/12	CORPORATE DEBT INSTRUMENTS	646
DEXIA CREDIT LOCAL SA 144A	1.875% 09/15/2021 DD 09/15/16	CORPORATE DEBT INSTRUMENTS	241
DIAMOND 1 FINANCE CORP / 144A	6.020% 06/15/2026 DD 06/01/16	CORPORATE DEBT INSTRUMENTS	43
DISCOVER BANK	3.450% 07/27/2026 DD 07/27/16	CORPORATE DEBT INSTRUMENTS	241
DISCOVER BANK	3.100% 06/04/2020 DD 06/04/15	CORPORATE DEBT INSTRUMENTS	253
DISCOVER BANK	2.000% 02/21/2018 DD 02/21/13	CORPORATE DEBT INSTRUMENTS	2,515
DISCOVER CARD EXECUTION A3 A3	1.850% 10/16/2023 DD 04/19/16	CORPORATE DEBT INSTRUMENTS	1,126
DISCOVER CARD EXECUTION N A2 A	1.900% 10/17/2022 DD 04/29/15	CORPORATE DEBT INSTRUMENTS	647
DISCOVER CARD EXECUTION N A5 A	1.390% 04/15/2020 DD 10/16/14	CORPORATE DEBT INSTRUMENTS	2,654
DISCOVER FINANCIAL SERVICES	3.750% 03/04/2025 DD 03/04/15	CORPORATE DEBT INSTRUMENTS	29
DISCOVERY COMMUNICATIONS LLC	5.050% 06/01/2020 DD 06/03/10	CORPORATE DEBT INSTRUMENTS	4
DISCOVERY COMMUNICATIONS LLC	4.900% 03/11/2026 DD 03/11/16	CORPORATE DEBT INSTRUMENTS	21